New GX Capital, under the leadership of founder and CEO Khudusela Pitje, has announced the first close of Airnergize Capital Fund I, raising R2.4 billion ($120 million). The clean technology-focused fund aims to reach R4 billion ($200 million) as it attracts more investors in the coming months.
Airnergize Capital will invest in scalable, high-impact solutions across renewable energy, gas, and water infrastructure in South Africa. Managed by New GX, the fund aligns with global sustainability goals and is committed to fostering a low-carbon economy and inclusive growth. It targets both capital-heavy and asset-light business models, backing experienced teams in companies with a solid track record.
A key feature of the fund is its emphasis on measurable environmental and social outcomes. As a black-owned and controlled entity, Airnergize Capital brings strategic, hands-on fund management to support businesses that are driving Africa’s energy transition and water innovation.
The fund is already operational following the incorporation of Sustainable Power Solutions Africa (SPS), a New GX portfolio company, as its first investment. SPS is a leading C&I renewable energy player offering solar PV and battery solutions, supported by in-house engineering, procurement, construction, and maintenance capabilities.
“We are excited by this development, which will unlock more capital to grow SPS into a Pan-African renewable energy powerhouse,” said SPS CEO Paul Mansour.
Khudusela Pitje emphasized New GX’s long-standing commitment to infrastructure investment, stating, “Access to clean energy, water, and gas is fundamental to Africa’s economic and social advancement. Through Airnergize Capital, we’re driving real change.”
RMB Ventures, a core investor in the fund and subsidiary of FirstRand Limited, brings decades of private equity experience to the partnership. “This collaboration with New GX enhances our shared mission of advancing sustainable infrastructure in South Africa,” said Eutychus Mbuthia of RMB Ventures.
Tebatso Modiba, Deal Executive at Airnergize Capital, added, “Partnering with like-minded investors like RMB allows us to scale our clean tech platform and unlock long-term value across the continent.”
New GX Capital continues to lead with investments in infrastructure, clean tech, and digital transformation. With Airnergize Capital, it aims to bridge capital and innovation to address Africa’s most pressing sustainability challenges.
//Staff writer
